Daily Archives: May 12, 2016

May 12, 2016 Assignments of Checkers The examination process inter alia includes a procedure of having the answer books checked, after evaluation by examiners, by Checkers to ensure that all answers have been evaluated, marks awarded have been carried forward to the cover page of the answer books and that the totalling of marks is… Read More »

BI/2015-16/396 DPSS.CO.AD.No.2627/02.27.005/2015-16 May 12, 2016 To, All entities authorised under the Payment & Settlement Systems Act, 2007 (PSS Act) Dear Sir/Madam, Guidelines for Voluntary surrender of Certificate of Authorisation (COA) by Payment System Operators (PSOs) authorised under PSS Act 2007 As you are aware, in terms of section 4 of the Payment and Settlement Systems… Read More »

Quarterly Statement showing details of overdue Export Advances As per Exports of Goods and Services : RBI new directions following is the format for AD shall exercise proper due diligence and ensure compliance with KYC and AML guidelines so that only bona-fide export advances flow into India. Doubtful cases as also instances of chronic defaulters… Read More »

Softex Forms submitted in bulk for royalty receipt As per RBI A.P. (DIR Series) Circular No.68 [(1)/23(R)] Dated 12.05.2016 B.5 SOFTEX Forms (i) All software exporters shall file single / bulk SOFTEX form in the form of a statement in excel format to the competent authority for certification. Since the SOFTEX data from STPI/SEZ are… Read More »

Comprehensive Master Directions on Interest Rate on Deposits for Co-operative Banks The Reserve Bank of India today issued the Master Directions (MD) on Co-operative Banks – Interest Rates on Deposits and Advances. The Master Directions issued today consolidates all relevant instructions issued by the Reserve Bank of India so far on the subject and will… Read More »

Appointment of Judges in the Supreme Court In exercise of the powers conferred by clause (2) of article 124 of the Constitution of India, the President is pleased to appoint Shri Justice Ajay Manikrao Khanwilkar, Chief Justice of the Madhya Pradesh High Court, to be a Judge of the Supreme Court of India with effect… Read More »

Big Boost to Ease of Doing Business- Passing of Bankruptcy Code; Code is a comprehensive and systemic reform, which will give a quantum leap to the functioning of the credit market and would take India from among relatively weak insolvency regimes to becoming one of the world’s best insolvency regimes; Vision of the new law… Read More »

Stake holders and general public requested to bring-out issues/points by 25th May, 2016 which in their opinion would require further clarification/guidance in Income Declaration Scheme 2016 & the Direct Tax Dispute Resolution Scheme 2016; Both the Schemes are expected to come into force on the 1st of June, 2016 after the Finance Act 2016 receives… Read More »

Section – 3, Companies Act, 2013 Enforced with effect from 1-4-2014. CHAPTER II INCORPORATION OF COMPANY AND MATTERS INCIDENTAL THERETO Formation of company 3. (1) A company may be formed for any lawful purpose by— (a) seven or more persons, where the company to be formed is to be a public company; (b) two or… Read More »

PRESS RELEASE, DATED 1-7-2015 Secretarial Standard-2 (SS-2) on “General Meetings Following is the text of the Secretarial Standard-2 (SS-2) on “General Meetings”, issued by the Council of the Institute of Company Secretaries of India and approved by the Central Government. Adherence by a company to this Secretarial Standard is mandatory, as per the provisions of… Read More »

PRESS RELEASE, DATED 1-7-2015 SS-1 SECRETARIAL STANDARD ON MEETINGS OF THE BOARD OF DIRECTORS The following is the text of the Secretarial Standard-1 (SS-1 ) on “Meetings of the Board of Directors”, issued by the Council of the Institute of Company Secretaries of India and approved by the Central Government. Adherence by a company to… Read More »

Section – 174, Companies Act, 2013 (Enforced with effect from 1-4-2014) Quorum for meetings of Board 174. 1(1) The quorum for a meeting of the Board of Directors of a company shall be one-third of its total strength or two directors, whichever is higher, and the participation of the directors by video conferencing or by other… Read More »

Section – 19, Companies Act, 2013 Enforced with effect from 12-9-2013. Subsidiary company not to hold shares in its holding company. 19. (1) No company shall, either by itself or through its nominees, hold any shares in its holding company and no holding company shall allot or transfer its shares to any of its subsidiary… Read More »

Section – 4, NEGOTIABLE INSTRUMENTS ACT, 1881 ” Promissory note “ 4. A ” promissory note ” is an instrument in writing (not being a bank-note or a currency-note) containing an unconditional undertaking signed by the maker, to pay a certain sum of money only to, or to the order of, a certain person, or… Read More »

Section – 5, NEGOTIABLE INSTRUMENTS ACT, 1881 ” Bill of exchange “ 5. A ” bill of exchange ” is an instrument in writing containing an unconditional order, signed by the maker, directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to… Read More »

Section – 22, Companies Act, 2013 (Enforced with effect from 12-9-2013.) Execution of bills of exchange, etc. 22. (1) A bill of exchange, hundi or promissory note shall be deemed to have been made, accepted, drawn or endorsed on behalf of a company if made, accepted, drawn, or endorsed in the name of, or on… Read More »

Updation of TaxHeal on daily basis takes lot of time and effort .Donations help me to continue support and development of this free website.If you like TaxHeal and you gained something, isn’t that worth a coffee or two? Please consider donating via PayPal